reverse mortgage facts information
A reverse mortgage is a type of mortgage in which a homeowner borrows money against the value of their house, either in the form of a monthly payment or a line of credit. The borrower isn’t required to pay back the money, until he or she moves away, sells the property, or dies.
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Misconceptions about how a reverse mortgage works are common. Having access to the right information as you make your decision can easily help you balance the pros and cons and evaluate if a reverse mortgage is right for you.
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But before considering a reverse mortgage solution, here are 10 things you need to know. Unlike a traditional home equity loan or home equity line of credit, a reverse mortgage has a flexible repayment feature: You can pay as much as you like toward principal and interest each month, or defer repayment – the choice is yours.
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A reverse mortgage is a loan. You are borrowing against your home equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money borrowed as long as you are living in the home. When you get a reverse mortgage, you are borrowing your own home equity.